A human economy: A “third way” for the future of young people in the Middle East and North Africa

Abstract

This paper looks at the vulnerability of today’s youth worldwide, with a particular focus on the Middle East and North Africa (MENA), where the proportion of citizens aged 12–24 is particularly high at one-third of the total population. Cursed with poor education and few work opportunities, the youth unemployment rate has risen to 50 per cent in this region. There is a consequent lack of participation at all levels, and a large number of youth are showing symptoms of low self-esteem, frustration, anger and unrest. After discussing the outcomes of years of an inhuman economic system on a global level, this article points to a more humane and empowering path. The author argues that, instead of continuing with profit-oriented capitalism or relying on the informal sector, the co-operative way represents a third alternative to existing economic sectors within the dominant contemporary economic system. The article analyses the many benefits of this path for the realisation of a humane economy. In so doing, it touches on issues of equity and social protection. Finally, the article outlines what needs to be done if this is to be a viable solution for a human economy. While giving many examples of successful co-operative enterprises worldwide, the author singles out the MENA region as one which could also benefit from the new trends outlined.